NSP customer advisory services can assist you with details about how these requirements apply to you, explain the following steps to homeownership, and provide guidance on scheduling the required homebuyer education class and one-on-one budget and credit assessment.
Phoenix NSP Customer Advisory Services: Call 602-262-6602 or email firstname.lastname@example.org.
Homebuyer Eligibility Criteria
- Contribute 50 percent of the required down payment
- Cannot be on the title of any residential property
- Must be a permanent legal U.S. resident
- Occupy the home as the primary residence
- Earn within the program's income requirements
All activities funded by NSP must benefit low-, moderate-, and middle-income persons whose incomes do not exceed 120 percent of the area's median income (AMI). For example, a household of four can make $74,300 or less and still qualify.
120% AMI Income
Steps to NSP Homeownership
STEP1: contact a lender familiar with the Neighborhood Stabilization Program (NSP). Apply for a home loan and obtain a pre-qualification letter.
STEP 2: Schedule a one-on-one credit assessment by contacting a HUD Certified Housing Agency (PDF).
STEP 3: The Housing Counselor sends the homebuyer's pre-qualification package to Community Housing Resources of Arizona (CHRA).
STEP 4: CHRA contacts the homebuyer to schedule an appointment to determine eligibility for NSP.
STEP 5: Contact your HUD Certified Housing Counseling Agency (PDF) to schedule an eight-hour homebuyer education class.
STEP 6: Work with a real estate professional to find a qualified property and enter into a purchase agreement.
STEP 7: Verify the real estate professional forwarded the signed purchase contract to the seller and CHRA.
Tip: Allow approximately 60 days from the CHRA receives the accepted contract for close of escrow.
STEP 8: CHRA performs the city's due diligence regarding the assistance loan.
STEP 9: Ensure lender sends loan documents to CHRA and the title company, 10-15 days ahead of close.
STEP 10: CHRA contacts the homebuyer to schedule a Pre-close session to sign the NSP loan documents.
STEP 11: Arrange an appointment with the title company to sign the closing documents for the first mortgage.
HUD Certified Housing Counseling Agencies
The Housing Counselor provides a valuable service to homebuyers as they:
- provide awareness of the homebuying process
- prepare buyers for the financial responsibility that come with owning a home
- determine if the buyer is ready for homeownership
All interested buyers must enroll in and complete an eight-hour homebuyer education class and a one-on-one household budget/credit assessment conducted by one of the following HUD Certified Housing Counseling Agencies (PDF).
Refer to the Checklist of Required Documents (PDF) for a list of required documents for your scheduled meetings.
For information on other homebuyer assistance programs, please refer to the Phoenix Metro Homebuyer Assistance Programs (PDF).